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Chapter 2

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State & Local Govt - Accounting and Financial Reporting

Questão 1 de 28

1

Which of the following is a difference between financial reporting for internal service and enterprise funds?

Selecione uma das seguintes:

  • Internal service funds are reported in the governmental fund financial statements.

  • Internal service funds are reported in the proprietary fund financial statements.

  • Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.

  • Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Explicação

Questão 2 de 28

1

Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?

Selecione uma das seguintes:

  • Private-purpose trust fund.

  • Enterprise fund.

  • Internal service fund.

  • Special revenue fund.

Explicação

Questão 3 de 28

1

In which of the following funds would it not be appropriate to record depreciation of capital assets?

Selecione uma das seguintes:

  • Special revenue fund.

  • Enterprise.

  • Internal service.

  • Pension trust.

Explicação

Questão 4 de 28

1

Capital assets used by an enterprise fund should be accounted for in the

Selecione uma das seguintes:

  • Enterprise fund and depreciation on the capital assets should be recorded.

  • Business-type activities journal but no depreciation on the capital assets should be recorded.

  • Governmental activities journal and depreciation on the capital assets should be recorded.

  • Enterprise fund but no depreciation on the capital assets should be recorded.

Explicação

Questão 5 de 28

1

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:

Selecione uma das seguintes:

  • Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Explicação

Questão 6 de 28

1

Which of the following must be reported as a major fund?

Selecione uma das seguintes:

  • The General Fund.

  • A fund having total assets, liabilities, revenues, or expenditures/expenses equaling at least 10 percent of the total governmental or enterprise fund amount for the same element (assets, liabilities, and so forth), as applicable, and at least 5 percent of the combined governmental and enterprise fund total amount for the same element.

  • Both of the answers.

  • None of the answers.

Explicação

Questão 7 de 28

1

Which of the following is a fiduciary fund?

Selecione uma das seguintes:

  • Investment trust fund.

  • Special revenue fund.

  • Debt service fund.

  • Enterprise fund.

Explicação

Questão 8 de 28

1

Generally accepted accounting principles applicable to state and local governments require that

Selecione uma das seguintes:

  • Only governmental funds and proprietary funds should be established.

  • Only those funds required by law, GASB standards, and sound financial administration should be established.

  • Only those funds required by law should be established.

  • All categories of funds must be established.

Explicação

Questão 9 de 28

1

Which of the following funds is a governmental fund-type?

Selecione uma das seguintes:

  • Private-purpose trust fund.

  • Internal service fund.

  • Permanent fund.

  • Enterprise fund.

Explicação

Questão 10 de 28

1

Under the modified accrual basis of accounting, revenues should be recognized when

Selecione uma das seguintes:

  • Earned.

  • Collected in cash.

  • Authorized by the budget ordinance.

  • Measurable and available.

Explicação

Questão 11 de 28

1

Which of the following is not an activity category in which general purpose governments typically engage?

Selecione uma das seguintes:

  • Fiduciary.

  • Contractual.

  • Business-type.

  • Governmental.

Explicação

Questão 12 de 28

1

All of the following are part of the basic financial statements except:

Selecione uma das seguintes:

  • Management's discussion and analysis.

  • The government-wide statement of net position.

  • The statement of revenues, expenditures, and changes in fund balances—governmental funds.

  • All of the answers are part of the basic financial statements.

Explicação

Questão 13 de 28

1

Which of the following is a basic fund financial statement?

Selecione uma das seguintes:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of fiduciary net position.

  • Statement of cash flows.

  • All of the answers are correct statements.

Explicação

Questão 14 de 28

1

Which of the following financial statements is required at the government-wide level?

Selecione uma das seguintes:

  • Statement of activities.

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of cash flows.

  • All of the listed financial statements are required at the government-wide level.

Explicação

Questão 15 de 28

1

GASB's first accounting and reporting principle requires that the accounting system used by a state or local governments must make it possible:

Selecione uma das seguintes:

  • To prepare consolidated modified accrual basis statements for the governmental unit as a whole.

  • To present fairly and with full disclosure the funds and activities of the governmental unit in conformity with GAAP.

  • To demonstrate compliance with finance-related legal and contractual provisions.

  • Both to present fairly and with full disclosure funds and activities, and to demonstrate compliance with legal and contractual provisions.

Explicação

Questão 16 de 28

1

A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives, is known as a:

Selecione uma das seguintes:

  • Public corporation.

  • Fund.

  • Activity.

  • Accounting system.

Explicação

Questão 17 de 28

1

Which of the following basic financial statements is most useful in assessing fiscal accountability?

Selecione uma das seguintes:

  • Statement of activities.

  • Statement of cash flows—proprietary funds.

  • Balance sheet—governmental funds.

  • Statement of fiscal accountability.

Explicação

Questão 18 de 28

1

The basis of accounting under which revenues are recognized when measurable and available is the:

Selecione uma das seguintes:

  • Modified accrual basis of accounting.

  • Accrual basis of accounting.

  • Cash basis of accounting.

  • Modified cash basis of accounting.

Explicação

Questão 19 de 28

1

Depreciation expense for depreciable general capital assets should be reported on the:

Selecione uma das seguintes:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of activities.

  • Statement of general capital assets.

  • All answers are correct.

Explicação

Questão 20 de 28

1

Which of the following fund types focuses on the measurement of current financial resources and flows thereof?

Selecione uma das seguintes:

  • General fund.

  • Capital projects fund.

  • Permanent fund.

  • All of the answers are correct.

Explicação

Questão 21 de 28

1

The accrual basis of accounting is used in accounting for financial transactions that affect:

Selecione uma das seguintes:

  • Governmental activities at the government-wide level.

  • Proprietary funds.

  • Fiduciary funds.

  • All of the answers are correct.

Explicação

Questão 22 de 28

1

General capital assets, such as buildings and equipment, would be recorded in the accounts of:

Selecione uma das seguintes:

  • Governmental activities at the government-wide level.

  • Capital projects funds.

  • Permanent funds.

  • All of the answers are correct.

Explicação

Questão 23 de 28

1

If a capital projects fund borrows $500,000 by issuing a 5-year note payable, how does this transaction affect the accounts of the capital projects fund?

Selecione uma das seguintes:

  • Cash is increased by $500,000.

  • Fund balance is increased by $500,000.

  • Long-term liabilities are increased by $500,000.

  • Both cash increased by $500,000 and fund balance increase by $500,000.

Explicação

Questão 24 de 28

1

Which of the following is not a fiduciary fund type?

Selecione uma das seguintes:

  • Private-purpose trust fund.

  • Investment trust fund.

  • Permanent fund.

  • Pension trust fund.

Explicação

Questão 25 de 28

1

Financial reporting for internal service funds differs from that for enterprise funds in which of the following ways?

Selecione uma das seguintes:

  • Internal service funds use the accrual basis of accounting.

  • Internal service fund financial information is generally reported in the governmental activities column of the government-wide financial statements.

  • Major fund reporting is used for internal service funds.

  • Both major fund reporting used for internal service, and generally reported in governmental activities column of government-wide financial statements.

Explicação

Questão 26 de 28

1

The establishment of a fiduciary fund is warranted when:

Selecione uma das seguintes:

  • Any trust or agency relationship exists.

  • The government needs to segregate resources for future construction purposes.

  • A trust or agency relationship exists in which the beneficiary is a private party (individuals, organizations, or other governments).

  • All of the answers are correct.

Explicação

Questão 27 de 28

1

Capital assets, including depreciation on those assets, would appropriately be reported in which of the following funds?

Selecione uma das seguintes:

  • Capital projects.

  • Enterprise.

  • Pension Trust.

  • Both Enterprise and Pension Trust.

Explicação

Questão 28 de 28

1

Which of the following is always reported in a separate column of a governmental fund financial statement?

Selecione uma das seguintes:

  • The General Fund.

  • Special revenue funds.

  • Permanent funds.

  • All of the answers are correct.

Explicação

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